Mortgage Strategy back issues from June 2005:
Learning from the industry's stars.(Brief Article)
Jun 06, 2005 ... They say it's a small world and the chances are several of your colleagues will pop up again unexpectedly, later in your career. You might be asking one of them for a job - or perhaps your current boss will be reporting to you. Examine the careers of the most successful ...
Cummings takes over from Severn at AIFA.(Promoted Chris Cummings )(Brief Article)
Jun 06, 2005 ... Severn had only been in the role since February, after joining from the Financial Services Authority where he was head of retail investment policy. Chris Cummings , director of the Association of Mortgage Intermediaries, will take over Severn's position, with Fay Goddard, ...
Knight Frank planning to set up financial services division.(Brief Article)
Jun 06, 2005 ... Knight Frank, one of the country's leading high net worth estate agency chains, is looking to set up financial advisory services and is on the hunt for a head of mortgages. Sources say Knight Frank has seen the success achieved by the likes of Savills and Hamptons ...
Coulson says network on track for July 1 launch.(Brief Article)
Jun 06, 2005 ... Richard Coulson has named July 1 as the official date for the unveiling of his network, Home of Choice, and says despite "gagging" attempts by Zurich, everything is on track for a successful launch. Coulson says Zurich has tried to gag him to stop him promoting the launch, ...
IN BRIEF: High-tech Clover.(Brief Article)
Jun 06, 2005 ... Midlands-based brokerage Clover Financial has adopted the MortgageStream system to process its mortgage, life and general insurance policies. MortgageStream's built-in text messaging service means clients can be kept up-to-date while every phone ...
IN BRIEF: FSA fees.(Financial Services Authority)(Brief Article)
Jun 06, 2005 ... The publication of FSA Policy Statement 05/6 Regulatory Fees and Levies 2005/06 provides the industry with final details of the amounts due from authorised firms. The Association of Mortgage Intermediaries ...
IN BRIEF: B&B tracker.(Bradford & Bingley )(Brief Article)
Jun 06, 2005 ... Bradford & Bingley is offering an exclusive three-year stepped tracker mortgage with #500 cashback, funded by The Woolwich. The product has an initial rate of 5.19%, ...
IN BRIEF: Discount deals.(Stroud & Swindon)(Stroud & Swindon Mortgage Company)(Brief Article)
Jun 06, 2005 ... Stroud & Swindon is launching two sub-prime discounted products through its subsidiary, Stroud & Swindon Mortgage Company ....
IN BRIEF: Victoria does its first deal.(Brief Article)
Jun 06, 2005 ... Victoria Mortgages has completed its first mortgage deal just weeks after its launch. The lender is part of US firm Venturion Capital, which also owns The Mortgage Operation ....
IN BRIEF: 10-Year fix.(Brief Article)
Jun 06, 2005 ... Britannia is launching a 10-year fixed rate mortgage via its branch network, contact centre and website. The 10-year fixed rate ...
IN BRIEF: Name change countdown.(Leeds Building Society)(Brief Article)
Jun 06, 2005 ... There's only 100 days to go before Leeds & Holbeck changes its names to Leeds Building Society. Gary Brook, PR manager at Leeds & Holbeck, says: "As a Leeds lad it's fantastic to be ...
MI remains confident of growth.(Mortgage Intelligence )(Brief Article)
Jun 06, 2005 ... Mortgage Intelligence is confident its growth plans have been unaffected by more brokers than predicted becoming directly authorised. It says it is focussing on quality rather than quantity and intends to expand further, either through the acquisition of other networks or by ...
Thumbs-down for fees-free model.(Brief Article)
Jun 06, 2005 ... The majority of the industry believes last month's U-turn by Purely Mortgages, switching from no fee to low fee, is a clear sign the fee- free business model does not work. Of the 3,701 respondents who answered the question on whether Purely Mortgages' decision to charge means ...
BMS poised to launch into lifetime market.(BM Solutions )(Brief Article)
Jun 06, 2005 ... BM Solutions is to launch into the lifetime mortgage market later this year. Tim Hague, head of products and marketing at the HBOS subsidiary, says it's a sector that the UK's largest lender has been looking at for some time. He says: "We recognise that by 2020 ...
B&W plans switch to email for rate alerts.(Bristol & West Mortgages )(Brief Article)
Jun 06, 2005 ... Bristol & West Mortgages will use email as the sole way to tell brokers about product changes from the end of the month. The lender currently keeps intermediaries informed of launches, withdrawals and adjustments by post and email, but will correspond exclusively by email from ...
MS reveals nepotism is alive and well in industry.(Mortgage Strategy)(Brief Article)
Jun 06, 2005 ... Nepotism is alive and well in the mortgage industry, research carried out by Mortgage Strategy has revealed. The study - outlined in this week's cover story starting on page 42 - examines the careers of the most successful industry figures to uncover a web of connections, ...
MTE hits back at Purely fees claim.(Mortgage Trading Exchange )(Brief Article)
Jun 06, 2005 ... The Mortgage Trading Exchange has hit back at Purely Mortgages' chief executive Mark Chilton, who criticised the trading platform's technology for being partly responsible for the broker having to start charging fees. In a sudden U-turn last month, Purely dropped its fee-free ...
IN BRIEF: TMB fixed and tracker options.(The Mortgage Business )(Brief Article)
Jun 06, 2005 ... The Mortgage Business has added fixed rates and tracker rate options to its produce range. The Self 85 now features a two and three-year fix at 5.45%, the Flexi 85 and Next Move now feature 5.84% ...
IN BRIEF: Higher proc fees.(Rooftop Mortgages )(Brief Article)
Jun 06, 2005 ... Mortgage Choice has concluded negotiations with Rooftop Mortgages increasing proc fees to 1.30% of the advance. The increase ...
IN BRIEF: Branded agreement.(The Mortgage Times Group )(Brief Article)
Jun 06, 2005 ... First National and The Mortgage Times Group have entered into a branded lending arrangement. The relationship will enable FN to offer high- ...
Brokers attract Charcol staff.(Brief Article)
Jun 06, 2005 ... Hamptons International Mortgages and Savills Private Finance are attracting staff from John Charcol and say few intermediaries are joining the revamped brokerage's "revolution". John Charcol recently launched a major recruitment drive as part of changes that also saw the brand ...
Rumours are rife that BM Solutions head of sales Alan Cleary is to be promoted to director of sales at Halifax Intermediaries and BM Solutions.(Promotions)(Brief Article)
Jun 06, 2005 ... Rumours are rife that BM Solutions head of sales Alan Cleary is to be promoted to director of sales at Halifax Intermediaries and BM Solutions. If true, it would be a significant boost for Cleary, who has shown enthusiastic loyalty to the HBOS subsidiary. The newly created role ...
Abbey agrees to refund intermediary at last.(Brief Article)
Jun 06, 2005 ... Abbey has agreed to refund costs incurred by a client of Square Mile Mortgage Finance and make an ex-gratia payment for loss of proc fee to the broker after a client lost out on a Right to Buy property. Square Mile mortgage consultant Matthew Karger tried to place a Right to ...
Lifequote protects brokers against mis-selling claims.(Brief Article)
Jun 06, 2005 ... Lifequote has issued an adviser guarantee to protect users of its online insurance Express Underwriting service from any non-disclosure claims, in an effort to defuse a potential mis-selling time-bomb. The guarantee is available to all directly authorised advisers and principals ...
IF makes offsets more attractive.(Brief Article)
Jun 06, 2005 ... Intelligent Finance has slashed its arrangement fee, cut rates and removed all early repayment charges on most of its offset mortgage range. It has also reduced the rates on its non-offset fixed rate mortgages, and removed early repayment charges on its non-offset tracker ...
IN BRIEF: Flexible fixes.(Brief Article)
Jun 06, 2005 ... Northern Rock has launched a range of flexible fixed deals with rates reduced by 0.10%. Two and three-year deals with no extended early ...
Lenders split on transfer fees.(Brief Article)
Jun 06, 2005 ... Accord has hit back at lenders who claim it is impossible to offer a proc fee for an existing borrower transfer. The Yorkshire subsidiary, which pays intermediaries a 0.2% proc fee on existing borrower transfers, says there is no reason other lenders can't do the same. ...
White label AAA system for TMO.(Brief Article)
Jun 06, 2005 ... The Mortgage Operation has launched a white label version of Trigold's Prospector AAA sourcing system. The packager had previously operated its own sourcing system, TMOS, which was used by members of its now defunct network. Brokers that use TMO for packaging will now receive a ...
Government scheme will be ineffective in London.(Brief Article)
Jun 06, 2005 ... THE GOVERNMENT'S shared ownership scheme to help first-time buyers onto the property ladder will be of limited use to Londoners, research by Hometrack reveals. The salary required to buy 75% of a property and rent the other 25% is over #30,000 in all of London's boroughs, a ...
Pink reshuffles directors.(Brief Article)
Jun 06, 2005 ... Pink Home Loans has reshuffled its board of directors and made Dev Malle sales director. Malle was previously head of operations at the aggregator and his move to become sales director is intended to free up the services of sales and marketing director David Copland. ...
Brokers offered GI sales facility.(general insurance)(Brief Article)
Jun 06, 2005 ... Select & Protect has launched an introducer status facility for brokers who are not regulated for general insurance, but don't want to lose the extra business. The company says since GI-Day a significant number of brokers have not become authorised for the sale of GI ...
IN BRIEF: B2L exclusive.(buy-to-let )(Brief Article)
Jun 06, 2005 ... Network Data's buy-to-let tracker exclusive, funded by Capital Home Loans, will be 0.84% above Bank base rate until May 31 2007, then 1.24% above ...
IN BRIEF: Online tracking.(Brief Article)
Jun 06, 2005 ... The Business Mortgage Company is to launch an online case tracking facility. Andy Young, managing director of TBMC, says: "This ...
IN BRIEF: Tax guide.(Brief Article)
Jun 06, 2005 ... Mortgage Trust has produced a guide that answers tax questions investors may have when buying property and managing buy-to-let ...
IN BRIEF: Skipton cut.(Brief Article)
Jun 06, 2005 ... Skipton is reducing the rate on its three-year fixed rate mortgage from 5.29% to 5.14%. The reduction is equivalent to initial monthly ...
FTBs have unrealistic view.(Brief Article)
Jun 06, 2005 ... First-time buyers' expectations of house prices are way out of line with reality, with most only expect to pay to #120,000, says Alliance & Leicester. A&L's latest quarterly Moving and Improving Index shows 60% of prospective buyers who are currently renting or living with ...
Brits looking to buy property in Florida offered fast-track mortgages.(Charles Cameron & Associates)(Brief Article)
Jun 06, 2005 ... Brits looking to buy property in Florida can now arrange a fast-track mortgage via a division set up by City broker Charles Cameron & Associates. CC&A has established relationships with several US banks and estate agents to assist buyers get into what has traditionally been a ...
B2L index shows regional variation.(buy-to-let index )(Brief Article)
Jun 06, 2005 ... Paragon Mortgages' May buy-to-let index highlights regional variations in returns for landlords. Investors located in the northern regions of the country continue to benefit from higher average returns than those in southern areas, with the four northerly regions, roughly ...
Lending rule changes will help clients shop around.(Brief Article)
Jun 06, 2005 ... New rules on lending have come into force to provide upfront information to consumers to help them shop around for deals. Lenders now have to provide pre-contractual information for borrowers, setting out the main facts of the loan such as the amount borrowed, amount ...
Scarborough launches fixed deals.(Brief Article)
Jun 06, 2005 ... Scarborough has launched a portfolio of fixed rate mortgages from two to 10 years, with rates starting at 3.99%. The range includes a flexible two-year fixed mortgage at 3.99%, which is followed by a rate guarantee to track 0.99% above Bank of England base for a further three ...
Fact file published on the regulation of brokers.(Chartered Insurance Institute and the Society of Mortgage Professionals )(Brief Article)
Jun 06, 2005 ... The Chartered Insurance Institute and the Society of Mortgage Professionals have teamed up to publish a fact file on the regulation of mortgage, insurance and investment brokers. Intended to complement the recently published fact file on the regulation of mortgage business and ...
BMS launches extra sub-prime categories.(Brief Article)
Jun 06, 2005 ... BM Solutions has launched two additional categories in its sub-prime and self-cert ranges. The categories - near prime and extra light - have been introduced as part of a strategic attack on the sub-prime sector in the coming year. The extra categories enable ...
IN BRIEF: Debt? No problem.(Brief Article)
Jun 06, 2005 ... The vast majority of Britons don't consider their debt repayments to be a problem, research by MORI reveals. It shows those struggling with debt are typically in ...
IN BRIEF: Self-cert deal.(BuildLoan )(Brief Article)
Jun 06, 2005 ... BuildLoan and Amber Homeloans have launched a self-cert deal that tracks three-month LIBOR + 1.25%. Initial pay rate is 6.11% with a ...
Rural problems highlighted.(Sparsity Partnership for Authorities Delivering Rural Services )(Brief Article)
Jun 06, 2005 ... The Sparsity Partnership for Authorities Delivering Rural Services has called for more affordable housing and an end to Right to Buy in areas where there is pressure on social housing. SPARSE is a coalition of more than 50 of England's most rural local authorities. ...
FTBs take longer to save deposits.(First-time buyers)(Brief Article)
Jun 06, 2005 ... First-time buyers now take a whopping four years and nine months to save a 5% deposit for a house, research from National Savings and Investments has revealed. It is harder than ever for first-time buyers to get on the property ladder, taking three months longer than just six ...
IN BRIEF: Change of image.(Wolton Chartered Surveyors)(Brief Article)
Jun 06, 2005 ... Wolton Chartered Surveyors has changed its image to reflect its expansion into markets including the north of England and Scotland. The ...
IN BRIEF: Being compliant.(Brief Article)
Jun 06, 2005 ... Compliancy Services has created the Comply-INS system to help brokerages keep on top of training and recruitment, testing staff on ...
Legislation cuts unruly hedge owners to size.(Brief Article)
Jun 06, 2005 ... Home owners who let their hedges grow too high could face a hefty #1,000 fine under new legislation from the government. The measures mean neighbours who cannot resolve their disputes over the height of hedges can ask local authorities to intervene. Where needed, the ...
Barclays Spain offers B2L scheme.(Key Resorts )
Jun 06, 2005 ... Barclays Spain has entered into a partnership with Savills Private Finance and property developer Key Resorts to offer an exclusive overseas buy-to-let scheme. The scheme is aimed at investors looking to purchase a place in the sun for their own use while achieving a rental ...
Has the B2L market come to a standstill?(Buy To Let)
Jun 06, 2005 ... Findings from the Royal Institution of Chartered Surveyors' lettings survey last week revealed that the buy-to-let market had ground to a standstill as a result of rising interest rates. The research shows new instructions from landlords to let their properties have stalled ...
IN BRIEF: Advantage fixes.(Advantage Home Loans)(Brief Article)
Jun 06, 2005 ... Advantage Home Loans has added a two-year and five-year fixed rate to its P100 conforming range. Both will be available on its self-cert and buy-to-let ranges. In ...
IN BRIEF: SMS demand.(Brief Article)
Jun 06, 2005 ... Most home movers want to track conveyancing online and receive SMS texts, research from ConveyanceLink reveals. More ...
Analysis: Market Watch.
Jun 06, 2005 ... With swaps continuing to fall significantly, it is surprising that we saw so few lenders pass on the benefits in rates in the last week. * One-year money is down 0.06% at 4.71% * Two-year money is down 0.07% at 4.53% * Three-year money is down 0.08% at ...
MONTY BURN: FSA's review of ASU should be welcomed.(Financial Services Authority )
Jun 06, 2005 ... Talk to some people in the mortgage industry and they would have you believe statutory regulation is akin to taking a sledgehammer to crack a nut. This is a view I don't subscribe to, as a mortgage represents the single biggest financial transaction most of us make in our ...
ANALYSIS: On The Beat.(first-time buyers)(home buying)
Jun 06, 2005 ... Accusations of gesture politics are high on the agenda again. Only the least cynical could have been swayed by the chancellor's announcement of be help for first-time buyers with a new mortgage scheme. Many of these sort of announcements are long on gloss and short on ...
ANALYSIS: Nicks Notes.(house buying)
Jun 06, 2005 ... It looks like chancellor Gordon Brown has thrown first-time buyers a lifeline with his plans for part ownership of properties. The prospect of FTBs being able to buy a share of a property with a bank, a building society or the government holding the other share will be welcomed by ...
ANALYSIS: Financial Health Matters.
Jun 06, 2005; ... The words "your home may be repossessed if you do not keep up repayments on your mortgage" are not an empty threat - even though numbers are currently low. The number of repossessions in 2004 was 6,230, a tiny proportion (0.03%) of the mortgages outstanding. It was also only just one-tenth ...
ANALYSIS: Rates/Ladders.(mortgage banks)
Jun 06, 2005 ... So, the Financial Services Authority has pronounced on the production of Key Facts Illustrations. It seems that a degree of disparity exists between providers and that some KFIs are excessive in detail and should be reduced in length. Hallelujah. But surely this is not a surprise? ...
ANALYSIS: Liquid Assets.(Brief Article)
Jun 06, 2005 ... In the past couple of years there has been a steady increase in the number of drawdown lifetime mortgages available. Current Safe Home Income Plans providers are Standard Life, Hodge Equity Release, National Counties and Northern Rock. The first three offer lump sum drawdown options while ...
Letter: Home reversions must be regulated as soon as possible.(Letter to the Editor)
Jun 06, 2005 ... From Stephen Haddrill It's not often that consumer groups and the industry come together to call for tighter regulation, but in the case of equity release the market will only grow if consumers are confident it is properly supervised. The recent warning from the FSA reinforce ...
Letter: Why not use Portman's optimiser phone service?(Letter to the Editor)
Jun 06, 2005 ... From Paul Howard I must take issue with Michael Nicholls who complained about the poor telephone service from Portman (Mortgage Strategy May 23). It is true we have been receiving record levels of mortgage business which has created a substantial increase in ...
Letter: Big packagers can be change-oriented and customer-centric.(Letter to the Editor)
Jun 06, 2005 ... From Wayne Smethurst Since you published my letter describing the ideal packager on April 25, there has been a fair amount of comment from packagers of all shapes and sizes, not to mention from a few lenders. Some of the comment has been about super packagers. This ...
Letter: Let us make up our own minds on product's merits.(Letter to the Editor)
Jun 06, 2005 ... From Brian Brotherton C E Sheldon rants on about how wonderful his product is (Mortgage Strategy May 23) but I suggest he looks at his marketing campaign rather than his product development. How can we discuss a product we have never heard of, never mind recommend it? ...
Letter: Delia should get the story straight on Right to Buy.(Letter to the Editor)
Jun 06, 2005 ... From Richard Lowe In Dear Delia in Mortgage Strategy May 23, the person who posed the question does not understand Right to Buy and John Rattigan of Cartel does not understand Right to Buy criteria. If the valuation was #65,000 the purchase price could not be #50,000 ...